IndiQube Spaces Limited (INDIQUBE) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of IndiQube Spaces Limited ₹497, price ₹197, upside +151.8%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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IndiQube Spaces Limited provides workplace solutions and value-added services in India. It engages in the business of leasing of network of shared workspaces of fully or partly equipped premises.
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IndiQube Spaces Limited provides workplace solutions and value-added services in India. It engages in the business of leasing of network of shared workspaces of fully or partly equipped premises. The company also provides customized design and build solutions; facility management, asset maintenance, plantation to catering, and transportation services for the employees; MiQube platform to manage, operate, and optimize office spaces; and IndiQube Cornerstone, a property and asset management solution. It serves global capability centers, corporates, and unicorns, as well as information technology/information technology enabled services, manufacturing, automotive, engineering, aviation, banking, financial services and insurance, consulting, e-commerce, educational technology, logistics, pharmaceuticals, and healthcare industries. The company was founded in 1999 and is based in Bengaluru, India.
Stock analysis
IndiQube Spaces Limited (INDIQUBE) currently trades at ₹197.49, while our model-based Fair Value estimate is ₹497.35, implying the stock looks roughly 60.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹731.79 per share, and 9 of the 10 models we run sit above the ₹197.49 price.
Bear case: the Multiples group reads lowest at ₹299.00, and 1 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹308.83 (bear) to ₹811.18 (bull), the price of ₹197.49 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
IndiQube Spaces Limited reported revenue of ₹15.3B in FY2026 versus ₹3.4B in FY2022, a compound +45.2%/yr. Reported net income was −₹1.1B in FY2026.
Key figures
Market cap ₹39.8B (≈ $413M) · P/S ratio 2.44 · EPS (TTM) ₹−5.28 · Net margin −7.0% · Return on equity −41.6% · Return on assets (EBIT) 1.0% · Operating margin 23.7% · Revenue (TTM) ₹14.5B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at 152%, INDIQUBE screens cheaper than that median.
Fair Value models
Bear ₹308.83Fair Value ₹497.35Bull ₹811.18
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+44.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+38.1%
’22
’23
’24
’25
’26
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−2.2% (2022) → −8.9% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+17.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −2.9% a year for the price and +13.1% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 526 stocks
Beats the industry median on 7/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+151.8% · Top 25%
Profitability
Return on assets3.5% · Top 25%
Net margin (TTM)−7.3% · Bottom 25%
Operating margin (TTM)23.7% · Above median
Growth and dividend
Revenue growth35.2% · Top 25%
Balance sheet
Debt / equity0.33× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is IndiQube Spaces Limited (INDIQUBE) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹497.35 versus a price of ₹197.49, about +152% upside (undervalued).
What is the fair value of INDIQUBE?
Our model-based fair value for IndiQube Spaces Limited is ₹497.35 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹197.49.
What is the quality score of INDIQUBE?
IndiQube Spaces Limited has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for IndiQube Spaces Limited (INDIQUBE)?
Our model-based price target is the fair value of ₹497.35 (as of Sep 27, 2026) from 10 valuation models. Cautious scenario ₹308.83, optimistic scenario ₹811.18. It is a calculation from audited fundamentals, not an analyst target.
What is the IndiQube Spaces Limited stock forecast for 2026?
Our models put fair value at ₹497.35, about +152% upside versus a price of ₹197.49 (undervalued). Cautious scenario ₹308.83, optimistic scenario ₹811.18. The calculation is refreshed regularly with new filings.
What is the revenue of IndiQube Spaces Limited (INDIQUBE)?
IndiQube Spaces Limited reported trailing-twelve-month revenue of about ₹14.5B (latest available figure, as of Sep 27, 2026).
What growth is priced into IndiQube Spaces Limited (INDIQUBE)?
For today's price to be fair in a discounted-cash-flow model, IndiQube Spaces Limited would have to grow free cash flow by +1.1 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +45.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of INDIQUBE use?
Our models discount IndiQube Spaces Limited at 13.9 %: a base by market capitalisation (small), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For IndiQube Spaces Limited that is +1.1 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has IndiQube Spaces Limited (INDIQUBE) delivered so far?
Over the past 4 years revenue at IndiQube Spaces Limited grew +45.2 % a year. The price currently implies +1.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of IndiQube Spaces Limited (INDIQUBE) growing?
The median revenue growth in the sector is +2.0 % a year. That is the yardstick for the growth priced into IndiQube Spaces Limited (+1.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of IndiQube Spaces Limited (INDIQUBE)?
The free-cash-flow yield on the price is 11.84 %: that much free cash flow IndiQube Spaces Limited produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IndiQube Spaces Limited (INDIQUBE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IndiQube Spaces Limited it is ₹497.35 per share (as of Sep 27, 2026), against a price of ₹197.49. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is IndiQube Spaces Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, INDIQUBE trades below its calculated fair value: price ₹197.49, fair value ₹497.35, a gap of about +152% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDIQUBE?
No. The price is what the market pays today (₹197.49); the fair value is what the company's own numbers justify (₹497.35). For IndiQube Spaces Limited the two are ₹299.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is IndiQube Spaces Limited worth?
The market values IndiQube Spaces Limited at about ₹39.8B (market capitalisation, as of Sep 27, 2026). Per share that is ₹197.49; our models calculate a fair value of ₹497.35 per share.
What do the bullish and bearish scenarios say about INDIQUBE?
Our models span a range for IndiQube Spaces Limited: cautious scenario ₹308.83, base ₹497.35, optimistic ₹811.18 per share (as of Sep 27, 2026, price ₹197.49). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of IndiQube Spaces Limited (INDIQUBE)?
Balance-sheet figures for IndiQube Spaces Limited (as of Sep 27, 2026): return on equity −41.6%, debt of 0.33 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is INDIQUBE from its 52-week high?
IndiQube Spaces Limited trades at ₹197.49, about 15% below its 52-week high of ₹233.34 and 48% above the low of ₹133.55 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹497.35 is for.
Which stocks are comparable to IndiQube Spaces Limited?
From the same area (Real Estate) we also value CBRE Group, KE Holdings, Swire Properties Limited, Cellnex Telecom, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is IndiQube Spaces Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹197.49, calculated fair value ₹497.35 (+152%), Quality Score 39/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDIQUBE calculated?
We run IndiQube Spaces Limited through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹497.35, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. IndiQube Spaces Limited currently trades 60 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of IndiQube Spaces Limited (INDIQUBE)?
The closing price on Oct 1, 2026 was ₹197.49. Our model-based fair value is ₹497.35, about +152% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IndiQube Spaces Limited right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (₹308.83). The market is more pessimistic than our downside scenario. The model range is unusually wide (₹308.83 to ₹811.18). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of IndiQube Spaces Limited
How large is the market capitalisation of IndiQube Spaces Limited (INDIQUBE)?
The market capitalisation of IndiQube Spaces Limited is ₹39.8B (≈ $413M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of IndiQube Spaces Limited (INDIQUBE)?
The price-to-sales ratio of IndiQube Spaces Limited is 2.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IndiQube Spaces Limited (INDIQUBE)?
Earnings per share at IndiQube Spaces Limited are ₹−5.28. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of IndiQube Spaces Limited (INDIQUBE)?
The net margin of IndiQube Spaces Limited is −7.0% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of IndiQube Spaces Limited (INDIQUBE)?
The return on equity (ROE) of IndiQube Spaces Limited is −41.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of IndiQube Spaces Limited (INDIQUBE)?
On an EBIT basis the return on assets of IndiQube Spaces Limited is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of IndiQube Spaces Limited (INDIQUBE)?
The operating margin of IndiQube Spaces Limited is 23.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IndiQube Spaces Limited (INDIQUBE)?
Revenue at IndiQube Spaces Limited is growing +35.2% versus a year earlier (3y avg +38.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does IndiQube Spaces Limited (INDIQUBE) carry?
The net debt of IndiQube Spaces Limited is ₹48.2B (fiscal year 2026, ≈ 10.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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